#1WATS TM Investor Presentation February 2024#2Disclaimer INATS Note to Reader: This informational meeting regarding ATS Corporation is for you to familiarize yourself with the Company. We are not making any offers of securities at this time, and cannot accept orders for any securities at this time. Accordingly, this presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Unless otherwise indicated or the context otherwise requires, all references in this presentation to the "Company", "ATS", "we", "our", "us", or similar terms refers to ATS Corporation, together with its subsidiaries. This presentation and the oral statements made during this meeting contain certain statements that may constitute forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities laws ("forward-looking statements"). All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial and territorial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts regarding possible events, conditions or results of operations that ATS believes, expects or anticipates will or may occur in the future, including, but not limited to: expanding our presence in emerging markets; disciplined acquisitions; various market opportunities for ATS; the impact of secular trends and opportunities; achieving target growth in certain markets; M&A potential; and the execution of ATS' business strategy. Such forward-looking statements are inherently subject to significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of ATS, or developments in ATS' business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Important risks, uncertainties and factors that could cause actual results to differ materially from expectations expressed in the forward-looking statements include, but are not limited to, the impact of regional or global conflicts; general market performance including capital market conditions and availability and cost of credit; performance of the markets that ATS serves; industry challenges in securing the supply of labour, materials, and, in certain jurisdictions, energy sources such as natural gas, impact of inflation; interest rate changes; foreign currency and exchange risk; the relative strength of the Canadian dollar; risks related to customer concentration; risks related to a recession, slowdown, and/or sustained downturn in the economy; impact of factors such as increased pricing pressure, increased cost of energy and supplies, and delays in relation thereto, and possible margin compression; the regulatory and tax environment; the emergence of new infectious diseases or any epidemic or pandemic outbreak or resurgence, and collateral consequences thereof, including the disruption of economic activity, volatility in capital and credit markets, and legislative and regulatory responses; the effect of events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transaction counterparties, or other companies in the financial services industry generally, or concerns or rumours about any events of these kinds or other similar risks, that have in the past and may in the future lead to market-wide liquidity problems; energy shortages and global prices increases; success and impact of the initiatives that ATS is undertaking; failure of the ATS Business Model to realize upon its objectives; ATS is unable to expand in emerging markets, or is delayed in relation thereto, due to any number of reasons, including inability to effectively execute organic or inorganic expansion plans, focus on other business priorities, or local government regulations or delays; the inability to successfully expand organically or through acquisition due to an inability to grow expertise, personnel, and/or facilities at required rates or to identify, negotiate and conclude one or more acquisitions, or to raise, through debt or equity, or otherwise have available, required capital; that acquisitions made are not integrated as quickly or effectively as planned or expected and, as a result, anticipated benefits and synergies are not realized; that the Company is not successful in growing its product portfolio and/or service offering or that expected benefits are not realized; and other risks and uncertainties detailed from time to time in ATS' filings with securities regulators, including, without limitation, the risk factors described in ATS' annual information form for the fiscal year ended March 31, 2023, which are available on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.com and on the U.S. Securities Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") at www.sec.gov. ATS has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations. Forward-looking statements are necessarily based on a number of estimates, factors and assumptions regarding, among others, management's current plans, estimates, projections, beliefs and opinions, the future performance and results of the Company's business and operations; the ability of ATS to execute on its business objectives; and general economic and political conditions, and global events, including any epidemic or pandemic outbreak or resurgence. Forward-looking statements included in this presentation are only provided to understand management's current expectations relating to future periods and, as such, are not appropriate for any other purpose. Although ATS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and ATS cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. ATS does not undertake any obligation to update forward-looking statements contained herein other than as required by law. Unless otherwise indicated, information contained in this presentation concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunities and market share, is based on information from independent industry organizations, other third-party sources (including industry publications, surveys, and forecasts) and management studies and estimates. Unless otherwise indicated, our estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and include assumptions made by us which we believe to be reasonable based on our knowledge of our industry and markets. Although ATS believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey. Our internal research and assumptions have not been verified by any independent source, and we have not independently verified any third-party information. While we believe the industry information included in this presentation is generally reliable, such information is inherently imprecise. 2 TM#3ATS Disclaimer Non-IFRS and Other Financial Measures: Throughout this presentation management uses certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures to evaluate the performance of the Company. The terms "EBITDA", "organic revenue", "adjusted EBITDA", and "free cash flow" (or "FCF"), are non-IFRS financial measures, "adjusted earnings from operations margin" (or "adjusted EBIT margin"), "adjusted EBITDA margin", "organic revenue growth", "non-cash working capital as a percentage of revenues", and "net debt to adjusted EBITDA" are non-IFRS ratios, and "operating margin (or EBIT Margin)", "Order Bookings", "Order Backlog", "reoccurring revenues", "custom integration revenues", "equipment / products revenues", and "service including spare parts revenues" are supplementary financial measures, all of which do not have any standardized meaning prescribed within International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. In addition, management uses "earnings from operations", which is an additional IFRS measure, to evaluate the performance of the Company. Earnings from operations is presented on the Company's consolidated statements of income as net income excluding income tax expense and net finance costs. Operating margin (or EBIT Margin) is an expression of the Company's earnings from operations as a percentage of revenues. Adjusted earnings from operations margin (or adjusted EBIT margin) is an expression of the Company's earnings from operations before items excluded from management's internal analysis of operating results, such as amortization expense of acquisition-related intangible assets, acquisition-related transaction and integration costs, restructuring charges, the mark-to-market adjustment on stock-based compensation and certain other adjustments which would be non-recurring in nature ("adjustment items") as a percentage of revenues. EBITDA is defined as earnings from operations excluding depreciation and amortization. Adjusted EBITDA is defined as EBITDA before adjustment items. Adjusted EBITDA margin is an expression of the Company's adjusted EBITDA as a percentage of revenues. Organic revenue is defined as revenues in the stated period excluding revenues from acquired companies for which the acquired company was not a part of the consolidated group in the comparable prior period. Organic revenue growth compares the stated period organic revenue with the reported revenue of the comparable period. Non-cash working capital as a percentage of revenues is defined as the sum of accounts receivable, contract assets, inventories, deposits, prepaids and other assets, less accounts payable, accrued liabilities, provisions and contract liabilities divided by the trailing two fiscal quarter revenues annualized. Reoccurring revenue for ATS is defined as revenue from ancillary products and services associated with equipment sales and revenue from customers who purchase non-customized ATS products at regular intervals. Custom integration revenues are defined as revenues from end-to-end manufacturing solutions customized to customer needs. Equipment / products revenues are defined as revenues from modular or standardized equipment and other products. Services including spare parts revenues are defined as revenues from consulting, digital and other services, including aftermarket services and spares. Free cash flow is defined as cash provided by operating activities less property, plant and equipment and intangible asset expenditures. Net debt to adjusted EBITDA is the ratio of the net debt of the Company (cash and cash equivalents less bank indebtedness, long-term debt, and lease liabilities) to adjusted EBITDA. Order Bookings represent new orders for the supply of automation systems, services and products that management believes are firm. Order Backlog is the estimated unearned portion of revenues on customer contracts that are in process and have not been completed at the specified date. Following amendments to ATS' Restricted Stock Unit ("RSU") Plan in 2022 to provide for settlement in shares purchased in the open market and the creation of the employee benefit trust to facilitate such settlement, ATS began to account for equity- settled RSUs using the equity method of accounting. However, prior RSU grants which will be cash-settled and deferred stock unit ("DSU") grants which will be cash-settled are accounted for as described in the Company's annual consolidated financial statements and have significant volatility period over period based on the fluctuating price of ATS' common shares. As a result, certain Non-IFRS Financial Measures used in this presentation (adjusted EBITDA) were revised from previously disclosed values to exclude the impact on stock-based compensation expense of the revaluation of DSUS and RSUs resulting specifically from the change in market price of the Company's shares between periods. Management believes that this adjustment provides further insight into the Company's performance, as share price volatility drives variability in the Company's stock-based compensation expense. Earnings from operations, operating margin, adjusted earnings from operations margin, EBITDA, adjusted EBITDA and adjusted EBITDA margin are used by the Company to evaluate the performance of its operations. Management believes that earnings from operations is an important indicator in measuring the performance of the Company's operations on a pre-tax basis and without consideration as to how the Company finances its operations. Management believes that organic revenue and organic revenue growth, when considered with IFRS measures, allow the Company to better measure the Company's performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of the Company's performance with prior and future periods and relative comparisons to its peers. Management believes that EBITDA and adjusted EBITDA are important indicators of the Company's ability to generate operating cash flows to fund continued investment in its operations. Management believes that adjusted EBITDA is an important measure to increase comparability of performance between periods. The adjustment items used by management to arrive at these metrics are not considered to be indicative of the business' ongoing operating performance. Reoccurring revenues, custom integration revenues, equipment / products revenues and service including spare parts revenues are used by the Company to understand the revenue portfolio of the Company. Free cash flow is used by the Company to measure cash flow from operations after investment in property, plant and equipment and intangible assets. Management uses the measure "non-cash working capital as a percentage of revenues" to assess overall liquidity. Management uses net debt to adjusted EBITDA as a measurement of leverage of the Company. Order Bookings provide an indication of the Company's ability to secure new orders for work during a specified period, while Order Backlog provides a measure of the value of Order Bookings that have not been completed at a specified point in time. Both Order Bookings and Order Backlog are indicators of future revenues that the Company expects to generate based on contracts that management believes to be firm. Management believes that ATS shareholders and potential investors in ATS use these additional IFRS measures and non-IFRS financial measures in making investment decisions and measuring operational results. Trademarks: This presentation includes certain trademarks, which are protected under applicable intellectual property laws and are the property of the Company. Solely for convenience, our trademarks referred to in this presentation may appear without the ® or ™ symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks to the fullest extent under applicable law. All other trademarks used in this presentation are the property of their respective owners. 3 TM#4ATS A Decentralized Automation & Technology Leader Strategic Provider of End-to-End Automation Solutions Strong Execution Across Our Business Driving Performance and Innovation Delivering Improvement and Growth Positioned for Continued Strong Performance 4 TM#5Strategic Provider of End-to-End Automation Solutions ATS at a Glance STRONG FINANCIAL PERFORMANCE(1), (2), (3) C$3.0B Revenues (TTM) 8.6% 5-yr Avg. Organic Revenue Growth 18.2% 5-yr Revenue CAGR C$473mm Adj. EBITDA (TTM) 23.9% 5-yr Adj. EBITDA CAGR Life Sciences 47% 15.9% Adj. EBITDA Margin (TTM) 25% - 35% Reoccurring Revenue¹ Revenue by Market (F23) Transportation 23% Food & Beverage Range 14% 12% 4% Consumer Products Energy ATS TM SIGNIFICANT SCALE & CAPABILITIES 65+ Facilities 85+ Offices 20+ Countries 7,000+ Employees Revenue by Region (F23) 59% 9% North America Asia 32% Europe Note: Employee, facility, office and country data as of December 31, 2023. (1) Adjusted EBITDA is a Non-IFRS financial measure, Organic Revenue Growth and Adjusted EBITDA Margin are Non-IFRS Ratios, and Reoccurring Revenue is a supplementary financial measure. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures." (2) Revenue, Adj. EBITDA and Adj. EBITDA margin data for 12 months ended December 31, 2023. (3) CAGR data from FY18 - FY23. Fiscal year end of March. LO 5#6Strategic Provider of End-to-End Automation Solutions Focused on Large Attractive End Markets Transportation Energy 拜 ATS TM Life Sciences • • Medical devices Pharmaceuticals Radiopharmaceuticals Chemicals EV / Hybrid . Automotive Aerospace ⚫ Nuclear Clean energy F2023 Revenue F2023 Revenue F2023 Revenue $1,210Mn $578Mn $113Mn Food & Beverage • Produce Processing Sorting & Inspection Beverage Processing & Filling Consumer Products Warehouse Automation Personal Care Cosmetics F2023 Revenue $371Mn F2023 Revenue $305Mn Backlog (1) Backlog(1) Backlog(1) Backlog(1) Backlog(1) $761Mn $939Mn $82Mn $215Mn $156Mn (1) Order Backlog is a supplementary financial measure. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures; as of March 31, 2023 6#7Strategic Provider of End-to-End Automation Solutions ATS Transforming, Streamlining, and Optimizing Customer Operations 1. Custom Integration • • Discovery, Analysis, Concept Development Design/Build • • IT & MES Integration 2. Products & Equipment • • Utilize ATS Product Portfolio Supply Chain Management 3. Services & Digital • Installation, Commissioning Support & Training • Lifecycle Management • Expanding Al & Machine-Learning Presence Customer Outputs Increased Efficiency $ Improved Quality Reduced Total Cost of Ownership Lower Emissions Quicker Time-to-Market 7 TM#8Strategic Provider of End-to-End Automation Solutions ATS Business Model (ABM) is Our DNA ATS BUSINESS MODEL TM ■ATS ATS Strategy Through Performance Management PEOPLE Winning as a team PROCESS Formal and disciplined PERFORMANCE Delivering value Performance Management Strategic Planning JUN MAY Goal Deployment Process JUL AUG SEP OCT A repeatable model to drive performance and growth ᏙᎳ NOV DEC JAN Organization and Talent Annual Operating Plan 8 TM#9Strategic Provider of End-to-End Automation Solutions ABM Drives Improvement 8 Value Drivers Financial: Bookings Revenue EBIT Margin¹ Working Capital Customer: People: On-Time Delivery Internal Employee Quality Fill Rate Turnover Standardized performance measurement across all business units (1) EBIT Margin is also referred to as operating margin, which is a supplementary financial measure, please refer to "Non-IFRS Measures and Other IFRS Measures" disclaimer. ATS TM 9#1012% Strong Execution Across Our Business Portfolio Growth and Transformation 14% 27% Revenue by End Market Life Sciences Transportation Consumer Products Energy Food & Beverage (1) For the year ended March 31, 2023 47% F2018 Launch the ABM; pivot to decentralized model Acquire KMW, Symphoni and Comecer response Divest ATW, acquire CFT F2019 F2020 F2021 COVID-19 F2022 Name change & rebrand Acquire IPCOS, ZI- Argus, and Triad F2023 F2024 Acquire iXLOG and MARCO Acquire BioDot, CIM, BLSG, NCC, DF S.r.I, SP Industries, and HSG NYSE listing; Acquire Odyssey, Yazzoom, Avidity, and ITA.CA. 12% 4% 23% (1) 10 14% 47% ATS TM#11Strong Execution Across Our Business Purposeful Shift in Business Mix Consistent growth while intentionally shifting the nature of revenue $591.1M FY 2013 Revenue 38% $1.1B FY 2018 Revenue Services rendered 27% $2.6B FY 2023 Revenue 52% 10% 29% Revenue by Type(1) Sale of goods Custom Integration Products & Equipment Services, incl. Spares ATS TM 44% Revenues from construction contracts (1) Custom integration revenues, products & equipment revenues and service including spares revenues are supplementary financial measures. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures; as of March 31, 2023 11#12Driving Performance and Innovation ATS Strategic Approach to M&A will Remain a Key Growth Driver Targeting Value Creation in Attractive Markets What We Look For • Growth oriented Attractive Markets • • Strategic Value Fit • • • • . Low cyclicality Regulated spaces Differentiated technology Innovative products Niche applications Geographic penetration Recent Acquisitions AVIDITY SCIENCE Acquired: Nov 2023 Price: US$199mm End Market Exposure . Life Sciences Other Acquisitions IT.ACA. Automation System Integrator Acquired: January 2024 Odyssey Digitalization Solutions Provider Acquired: July 2023 Yazzoom Al Process Optimizer Acquired: June 2023 Triad Successfully Executing Our Playbook . • Reliability Engineering Provider Acquired: March 2023 Zi-Argus • Operational Ability to manage • Synergy potential ABM implementation ROIC Cost of capital Strong EBITDA potential Reoccurring revenue EPS accretion SP Acquired: Dec 2021 Price: US$450mm End Market Exposure Life Sciences CFT LEADERS INNOVATE. Acquired: Mar 2021 Price: C$260mm End Market Exposure • Food Automation System Integrator Acquired: March 2023 IPCOS Production Process Optimization Acquired: Dec 2022 HSG Pharma System Integrator Acquired: Dec 2021 BioDot Fluid Dispensing Equipment Provider Acquired June 2021 • Financial • Returns • • • • Approximately $1.7 billion of capital deployed towards M&A since fiscal 2018 21 acquired companies add differentiated capabilities and exposure to end markets Proven integration playbook applied consistently across all acquisitions Same rigorous evaluation criteria applied to existing portfolio regularly 12 TM#13Driving Performance and Innovation Key Elements of Our Strategy 0/0 $ ATS TM Innovation Ongoing focus to drive strong returns and additional value for our customers Digital Growth Expanding how data and insights are collected and leveraged to improve equipment performance Portfolio Management Target markets with high barriers to entry, including regulated spaces with complex and technology- intense processes where quality is critical Margin Improvement Using different levers within the business to continually drive operational excellence Made possible by our ATS culture and a dedicated global team of 7,000+ employees 13#14Delivering Improvement and Growth Continuous Focus on Margin Improvement //ATS Primary Levers Supply Chain Strengthening Pillars Standardization Operating Leverage ABM Initiatives Scale & Flexibility Through Global Employee Base Total Revenue(1), (2) Organic Revenue Acquired Companies F2018 18.2%% CAGR F2019 F2020 F2021 F2022 F2023 Adj. EBITDA (2) 23.9%% CAGR F2018 F2019 F2020 F2021 me Shift in Business Mix (i.e., growth in services) F2022 F2023 14 (1) Excludes the impact of foreign exchange adjustments (2) Organic Revenue and Adj. EBITDA are Non-IFRS financial measures. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures TM#15Positioned for Continued Strong Performance ✓ATS Leverage Managed in the Context of Significant M&A 3.5x 3.0x Target 2.5x Range 2.0x 1.5x 1.0x 0.5x Net Debt to Adj EBITDA(1) Trend iX LOG Unternehmensberatung GmbH MARCO INDUSTRIAL AUTOMATION PARTNERS a PA Company inimc CFT BIO DOT AATS COMPANY LEADERS INNOVATE cim FAC NC-C NCC AUTOMATED SYSTEMS SP DF HSG US IPO IPCOS Odyssey Validation Compliance AVIDITY ARGUS PACompany SCIENCE TRIAD ITACA UNLIMITED yazzeom ENGINEERING • • • • Leverage Framework Willing to temporarily exceed for the right target Target must meet ATS' strict and consistent acquisition criteria Demonstrated history of effective use of balance sheet to drive key acquisitions Balance Sheet Highlights $644 million cash and unutilized multipurpose credit at December 31, 2023 Leverage Target 2.0 - 3.0x 0.0x 2020 2021 2022 2023 2024 • Non-cash Working Capital % of Revenues¹ Target <15% (1) Net Debt to Adjusted EBITDA and Non-Cash Working Capital as a % of revenues are Non-IFRS ratios. Please see "Non-IFRS and Other Financial Measures" and "Appendix: Reconciliation of Non- IFRS Measures to IFRS Measures. 15 TM#16Positioned for Continued Strong Performance Capital Allocation Priorities - Powering the Flywheel ATS Generate Capital Cash flow from operations • Growth • Margin Expansion ● Working Capital Deploy Capital 1 ATS BUSINESS MODEL 3 • Internal Investment • • Strategic M&A • 2 • Access External Capital Credit Facility Debt Markets Equity Markets Share repurchases [opportunistic] De-leveraging [opportunistic] 16 TM#17Positioned for Continued Strong Performance Long-Term Targets Aligned to Value Creation ATS TM 1 Growth 2 Margin Expansion Above Market Organic + Acquisitions +15% Adjusted EBIT Margin¹ (1) Adjusted EBIT margin is a Non-IFRS ratio and Free cash flow is a Non-IFRS financial measure. Please see "Non-IFRS and Other Financial Measures" 3 FCF(1) Generation 100% of Net Income (multi-year target) 17#18ATS TM Key Takeaways 1 Strategic Provider of Automation Solutions Entrenched position with high retention rate 2 Strong Execution Throughout our businesses and markets 3 Driving Performance and Innovation Proven strategy with strong results 4 Delivering Improvement and Growth Executing across our Value Drivers 5 Positioned for Continued Strong Performance Long runway to grow organically and via acquisitions VI 18#19Appendix Reconciliation of Non-IFRS Measures to IFRS Measures ■ ATS TM 19#20TM Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures The following table reconciles adjusted EBITDA and EBITDA to the most directly comparable IFRS measure (net income) (in millions of dollars): (C$ mm) Order Backlog Continuity (in millions of dollars) ■// ATS F2018 F2019 F2020 F2021 F2022 | F2023 Adjusted EBITDA 137.2 162.6 192.8 208.0 Restructuring charges 11.2 26.6 14.3 359.5 401.2 5.9 27.5 Gain on sale of facilities (5.3) Q3 Q3 F2024 F2023 119.3 100.7 16.2 10.5 (11.7) Measure (C$ mm)¹ F2018 F2019 F2020 F2021 F2022 F2023 Opening Order Backlog 681 746 904 942 1,160 Q3 F2024 1,438 2,153 Revenues (1,115) (1,254) (1,430) (1,430) (2,183) (2,577) (2,241) Acquisition-related 4.7 1.5 6.7 12.0 3.1 0.9 0.7 transaction costs Order Bookings 1,182 1,408 1,468 1,626 2,456 3,256 2,100 Acquisition-related inventory I 25.7 9.2 0.8 Order Backlog fair value charges Contingent consideration adjustment (2) 4 - 22 5 36 (105) Adjustments - | (5.6) (1.7) - - Ending Order Backlog 746 904 942 1,160 1,438 2,153 1,907 Mark to market portion of 3.9 0.7 stock based compensation (2.3) 7.3 EBITDA 122.1 15.6 13.4 (0.6) 5.6 157.2 167.0 190.6 302.0 348.0 113.7 83.9 Less: depreciation and 36.6 42.4 71.4 71.0 115.4 125.5 35.2 27.9 amortization expense Earnings from operations 85.5 Less: net finance costs 23.8 114.8 95.6 20.9 28.1 119.6 40.1 186.6 222.5 32.2 62.7 78.5 56.0 17.5 19.7 Less: provision for income 14.4 23.1 14.6 15.4 33.0 32.1 13.8 7.1 taxes Net income 47.3 70.8 52.9 64.1 121.4 127.7 47.2 29.2 1 Order Backlog ties to supplemental measure, not Non-IFRS to IFRS reconciliation 20 20#21Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures The following table reconciles working capital to the most directly comparable IFRS measures (in millions of dollars): Measure (C$ mm) Accounts receivable F2018 F2019 F2020 F2021 F2022 F2023 209.5 217.2 291.1 285.9 348.6 399.7 Income tax receivable 3.5 4.9 3.7 8.2 9.0 15.2 Contract assets Inventories 164.9 213.5 231.5 272.8 360.8 527.0 58.5 68.0 68.4 138.0 207.9 256.9 Deposits, prepaids and other 22.5 28.7 31.2 37.8 84.8 93.4 assets Accounts payable and accrued (240.1) (254.2) (293.0) (368.9) (501.5) (647.6) liabilities Income tax payable (6.3) (7.7) (3.1) (31.0) (48.6) (38.9) Contract liabilities (95.9) (161.1) (117.7) (218.3) (248.3) (296.6) Provisions (20.9) (13.9) (28.4) (29.0) (24.8) (30.6) 95.7 95.4 183.7 95.5 187.9 278.5 Working Capital Revenue run rate = (prior + 1,152.0 1,340.0 1,498.6 1,539.2 2,300.0 2,755.6 current quarter) x 2 Working Capital % 8.3% 7.1% 12.3% 6.2% 8.2% 10.1% 1 Order Backlog ties to supplemental measure, not Non-IFRS to IFRS reconciliation TM ■ATS 2 21#22TM Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures The following table reconciles organic revenue to the most directly comparable IFRS measure (revenue) (in millions of dollars): (C$ mm) ■ATS F2018 F2019 F2020 F2021 F2022 F2023 Organic revenue 1,100.1 1,230.5 1,327.1 1,388.0 1,721.9 2,382.1 Revenues of acquired companies 12.8 111.5 25.3 521.7 201.7 FX impact 14.8 10.3 (8.9) 16.7 (60.9) (6.4) Total revenue 1,114.9 1,253.6 1,429.7 1,430.0 2,182.7 2,577.4 Annual organic revenue growth 10.4% 5.9% (2.9)% 20.4% 9.2% 22 22#23Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures The following table reconciles net debt to the most directly comparable IFRS measure (in millions of dollars): ■ATS The following table reconciles free cash flow to the most directly comparable IFRS measure (in millions of dollars): (C$ mm) Measure (C$ mm) F2018 FY2019 FY2020 FY2021 FY2022 FY2023 Cash flows provided by operating activities YTD Q3 F2024 11.2 Cash and cash equivalents 330.2 224.5 358.6 187.5 135.3 159.9 Bank indebtedness (2.7) (2.0) (4.6) (1.1) (1.8) (5.8) Acquisition of property, plant and equipment (46.5) Current portion of long-term debt Acquisition of intangible assets (16.0) (0.4) (18.6) (0.1) (0.1) - (0.1) Free Cash Flow (51.3) Long-term debt (315.1) (328.2) (598.0) (430.6) (1,016.7) (1,155.7) Net cash (debt) prior to IFRS 16 12.0 (124.3) (244.1) (244.3) (883.2) (1,001.7) Lease liabilities - (62.9) (73.0) (82.9) (97.3) Net cash (debt) 12.0 (124.3) (307.0) (317.2) (966.1) (1,099.0) Net Debt to Adjusted EBITDA (C$ mm) F2018 FY2019 FY2020 FY2021 FY2022 FY2023 Net Debt 12.0 (124.3) (307.0) (317.3) (966.1) (1,099.0) Adjusted EBITDA (LTM) 137.2 162.6 192.8 208.0 359.5 401.2 Historical Leverage (Net -0.1x 0.8x 1.6x 1.5x 2.7x 2.7x Debt/Adj. EBITDA) 23 TM#24Appendix: Reconciliation of Non-IFRS Measures to IFRS Measures TM //ATS Q4 Q1 The following table reconciles the previously reported non-IFRS financial measures to reflect the exclusion of the stock-based compensation revaluation expenses: (C$ mm) Q2 Q3 Q4 Q1 Q2 Q3 F2022 F2023 F2023 F2023 F2023 F2024 F2024 F2024 Total stock-based compensation expense $0.8 $(4.0) $5.3 $9.9 $19.3 $10.0 $3.5 $4.7 Less: mark to market portion of stock-based compensation (4.2) (8.3) 1.0 5.6 15.1 4.4 (2.0) (0.6) Base stock-based compensation expense $5.0 $4.3 $4.3 $4.3 $4.2 $5.6 $5.5 $5.3 The following table reconciles the previously reported non-IFRS financial measures to reflect the exclusion of the stock-based compensation revaluation expenses: (C$ mm) Q4 F2022 Q1 F2023 Q2 F2023 Q3 F2023 Previously reported: adjusted earnings from operations $85.8 $87.5 $75.1 $80.6 Mark to market portion of stock-based compensation (4.2) (8.3) 1.0 5.6 Revised: adjusted earnings from operations $81.6 $79.2 $76.1 $86.2 Previously reported: adjusted EBITDA $99.1 $100.8 $88.8 $95.1 Mark to market portion of stock-based (4.2) (8.3) 1.0 5.6 compensation Revised: adjusted EBITDA $94.9 $92.5 $89.8 $100.7 Previously reported: adjusted basic earnings per share $0.64 $0.64 $0.50 $0.52 Mark to market portion of stock-based (0.05) (0.09) 0.01 0.06 compensation Tax impact of mark to market portion of stock-based compensation 0.01 0.02 (0.02) Revised: adjusted basic earnings per share $0.60 $0.57 $0.51 $0.56 24 24